Economic development refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. It can be measured in terms of job creation, income growth, and an improved quality of life.
Unlike pure economic growth, which simply refers to an increase in GDP, economic development encompasses broader social and economic changes that lead to qualitative improvements in people's lives. This includes better access to healthcare, education, housing, and other essential services.
The field draws on various disciplines including economics, sociology, urban planning, business, and geography to understand how economies develop over time and how policy interventions can foster sustainable growth.
Sustainable Growth
The focus on long-term prosperity that balances economic, social, and environmental considerations, ensuring resources are not depleted for future generations.
Equity & Inclusion
Ensuring economic opportunities are accessible to all segments of society, reducing inequality and promoting social mobility across diverse communities.
Innovation & Adaptation
Creating environments that foster new ideas, technologies, and business models that can drive productivity growth and create new economic opportunities.